Dubai Stocks Lead Middle Eastern Slump as Oil Extends Decline - Bloomberg Business

Dubai Stocks Lead Middle Eastern Slump as Oil Extends Decline - Bloomberg Business:

"Dubai stocks led a decline in Middle Eastern markets amid a global equity rout and as the slump in oil prices deepened.
The DFM General Index retreated 3.4 percent, the most in almost two months, to the lowest level since Dec. 15. Saudi Arabia’s Tadawul All Share Index retreated 2.7 percent to 6,340.19 at 1:22 p.m. in Riyadh, the lowest level since December 2011 on a closing basis. The Bloomberg GCC 200 Index, a gauge that tracks the 200 largest stocks in the six-nation Gulf Cooperation Council, retreated for a fifth day to the lowest since January 2013.
Asian stocks and currencies slumped as data showed a weakness in manufacturing in China and the nation cut the yuan’s reference rate by the most since August, helping push crude closer to $30 a barrel. The GCC is home to about 30 percent of the world’s proven oil reserves, and its governments rely on energy revenue to help fund spending."



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